Create Your Designed Impact Fund
To set up a new fund, go to the Funds tab and select Create Fund from the right hand side.
Fill out the details of your fund including if you want your fund to be listed publicly in the Fund marketplace on Gloo Impact by selecting Public or only viewable by a private link by selecting the Unlisted.
You will then be prompted to invite a fund manager(s) to manage the operations of the fund.
Finish Setting Up Your Fund
Once your fund has been created, it will show up on your Dashboard. Once you click on that fund, you will see the Fund Dashboard on the left sidebar with next steps to complete which include seeding your fund as well as optional actions like adding a scholarship application and configuring pre/post surveys.
Scholarships
For more information on Adding a Scholarship Application, see Creating + Managing Scholarship Applications.
Adding Programs to Your Fund
For more information on adding a Program to your Fund, see Adding a Program to Your Fund.
Banking
For more information on adding a bank account to your Fund, see Setting up the Bank Account for Your Fund.
How is money deposited into a fund?
Sponsor organizations connect an external bank account using Plaid. In return, Plaid issues a “payment token” that is securely stored on our platform. When sponsor organization administrators are ready to deposit money into a fund, they can do so from inside the “banking” tab on the fund management page. The Plaid payment token is used to pull money from your linked account into your fund via ACH.
ACH payments usually clear in one business day, but it may take longer with some financial institutions. The balance is checked each time you make a deposit to ensure you do not overdraft your linked account.
Where is the money held when deposited into a fund?
When organizations sign up for Impact, they complete a Know Your Business (KYB) application and establish a bank account with our partner bank, Thread Bank. Each fund that a sponsor organization creates gets its own bank account, connected to their master account. When money is deposited to a fund, it passes through the master account and into the fund account. The account is in the name of your organization.
What type of bank account is set up for a fund?
Each fund you create generates a demand deposit account. A demand deposit account is a fancy name for a “checking account”. Unlike a checking account you might open at your bank of choice, Impact fund accounts are governed by an Account Restriction Agreement which is part of Impact’s supplemental terms of service.
These restrictions are in place to ensure that funds are operated in a compliant manner and support Impact’s flow of funds. For more information, view our supplemental terms of service.
Add Team Members
The Fund Manager role only has access to the Funds and Programs tabs. They don’t have access to Settings. Consider giving this role to people on your team who will be responsible for managing assigned funds.
Accounts with this role can:
Add Programs to funds.
Review scholarship applications.
Check changes made to Programs that your organization is funding.
Invite additional team members to help manage the fund.
